P, a partner, is to bear all expenses of realisation for which he is to be paid Rs. 2,000. P had to pay realisation expenses of Rs. 2,500. How much amount will be debited to Realisatio Account? Post category:Accountancy Reading time:1 mins read SOLUTION Rs. 2,000 Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostHow much amount will be paid to Creditors for Rs. 25,000 if Rs. 5,000 of the creditors are not to be paid and the remaining creditors agreed to accept 5% less amount? Next PostHow much amount will be paid to A, if his opening capital is Rs. 2,00,000 and his share of realisation profit amounts to Rs. 10,000 and he has taken over assets valuing Rs. 25,000 from the firm? You Might Also Like Give one limitation of ratio analysis. October 1, 2022 Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third-party liabilities have been transferred to Realisation Account: (a) There was furniture worth Rs. 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value. (b) Profit and Loss Account was showing a credit balance of Rs. 15,000 on the date of dissolution. (c) Harsh’s loan of Rs. 6,000 was discharged at Rs. 6,200. (d) The firm paid realisation expenses amounting to Rs. 5,000 on behalf of Harsh who had to bear these expenses. (e) There was a bill for 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% was received from his estate. (f) Creditors to whom the firm owed Rs. 6,000, accepted stock of Rs. 5,000 at a discount of 5% and the balance in cash. July 25, 2022 Mention two differences between ‘Premium on Issue of Debentures’ and ‘Premium on Redemption of Debentures’. September 29, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third-party liabilities have been transferred to Realisation Account: (a) There was furniture worth Rs. 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value. (b) Profit and Loss Account was showing a credit balance of Rs. 15,000 on the date of dissolution. (c) Harsh’s loan of Rs. 6,000 was discharged at Rs. 6,200. (d) The firm paid realisation expenses amounting to Rs. 5,000 on behalf of Harsh who had to bear these expenses. (e) There was a bill for 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% was received from his estate. (f) Creditors to whom the firm owed Rs. 6,000, accepted stock of Rs. 5,000 at a discount of 5% and the balance in cash. July 25, 2022
Mention two differences between ‘Premium on Issue of Debentures’ and ‘Premium on Redemption of Debentures’. September 29, 2022